This report does not constitute a rating action.
This report covers all international public finance entities in Europe, the Middle East, and Africa, Asia-Pacific, Canada, and Latin America, rated by S&P Global Ratings as of Dec. 31, 2024.
Table 1
| List of global international public finance entities: Europe, Middle East, and Africa | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Entity | Sector | LT FC rating | Outlook | National scale rating | Outlook | |||||||
| Austria | ||||||||||||
|
Oesterreichische Entwicklungsbank AG |
Government agency financial institution | AA+ | Positive | |||||||||
|
Öesterreichische Kontrollbank |
Government agency financial institution | AA+ | Positive | |||||||||
|
Autobahnen-und Schnellstrassen-Finanzierungs-AG |
Infrastructure | AA+ | Positive | |||||||||
|
OeBB-Infrastruktur AG |
Infrastructure | AA+ | Positive | |||||||||
|
State of Burgenland |
LRG | AA | Stable | |||||||||
|
State of Lower Austria |
LRG | AA | Stable | |||||||||
|
State of Styria |
LRG | AA | Stable | |||||||||
|
State of Tyrol |
LRG | AA+ | Stable | |||||||||
|
State of Upper Austria |
LRG | AA+ | Stable | |||||||||
|
State of Vorarlberg |
LRG | AA+ | Stable | |||||||||
|
Erdoel-Lagergesellschaft m.b.H. |
Other | AA+ | Positive | |||||||||
|
Wohnbau Burgenland GmbH |
Other | AA | Stable | |||||||||
| Belgium | ||||||||||||
|
Infrabel |
Infrastructure | AA | Stable | |||||||||
|
Region of Brussels-Capital |
LRG | A+ | Stable | |||||||||
| Bosnia and Herzegovina | ||||||||||||
|
Federation of Bosnia and Herzegovina |
LRG | B+ | Stable | |||||||||
|
Republika Srpska |
LRG | B | Stable | |||||||||
| Bulgaria | ||||||||||||
|
City of Plovdiv |
LRG | BBB | Stable | |||||||||
|
City of Sofia |
LRG | BBB | Positive | |||||||||
|
City of Stara Zagora |
LRG | BBB- | Stable | |||||||||
| Croatia | ||||||||||||
|
Zagrebacki Holding d.o.o. |
Government agency corporate | BB | Stable | |||||||||
|
City of Zagreb |
LRG | BBB+ | Positive | |||||||||
| Czech Republic | ||||||||||||
|
City of Brno |
LRG | AA- | Stable | |||||||||
| Denmark | ||||||||||||
|
Oresundsbro Konsortiet |
Infrastructure | AA+ | Stable | |||||||||
|
KommuneKredit |
Public sector funding agency | AAA | Stable | |||||||||
| Finland | ||||||||||||
|
Municipal Guarantee Board |
Public sector funding agency | AA+ | Stable | |||||||||
|
Municipality Finance PLC |
Public sector funding agency | AA+ | Stable | |||||||||
| France | ||||||||||||
|
Agence Centrale des Organismes de Securite Sociale (ACOSS) |
Government agency financial institution | AA- | Stable | |||||||||
|
Agence Française de Développement |
Government agency financial institution | AA- | Stable | |||||||||
|
Caisse d'Amortissement De La Dette Sociale |
Government agency financial institution | AA- | Stable | |||||||||
|
Caisse des Dépôts et Consignations |
Government agency financial institution | AA- | Stable | |||||||||
|
SFIL S.A. |
Government agency financial institution | AA- | Stable | |||||||||
|
Assistance Publique - Hopitaux de Paris |
Healthcare services | AA- | Stable | |||||||||
|
SNCF Reseau |
Infrastructure | AA- | Stable | |||||||||
|
City of Marseille |
LRG | A+ | Stable | |||||||||
|
City of Paris |
LRG | AA- | Stable | |||||||||
|
Collectivite Europeenne d'Alsace |
LRG | AA- | Stable | |||||||||
|
Communaute D'Agglomeration De Cergy-Pontoise |
LRG | AA- | Stable | |||||||||
|
Department of Gironde |
LRG | AA- | Negative | |||||||||
|
Department of Hauts-de-Seine |
LRG | AA- | Stable | |||||||||
|
Intercity of Saint-Quentin-en-Yvelines |
LRG | AA- | Stable | |||||||||
|
Overseas Country of French Polynesia |
LRG | A | Stable | |||||||||
|
Region of Auvergne-Rhone-Alpes |
LRG | AA- | Stable | |||||||||
|
Region of Hauts-de-France |
LRG | AA- | Stable | |||||||||
|
Region of Pays de la Loire |
LRG | AA- | Stable | |||||||||
|
Region Provence-Alpes-Cote-d'Azur |
LRG | AA- | Stable | |||||||||
|
Syctom |
LRG | A+ | Stable | |||||||||
|
Agence France Locale |
Public sector funding agency | AA- | Stable | |||||||||
|
Grand Delta Habitat |
Social housing | A | Positive | |||||||||
|
SACVL |
Social housing | A+ | Stable | |||||||||
|
Toulouse Métropole Habitat O.P.H. |
Social housing | A | Stable | |||||||||
|
Groupe UCPA |
Other | BBB+ | Stable | |||||||||
|
Societe Anonyme de Gestion de Stocks de Securite |
Other | AA- | Stable | |||||||||
| Germany | ||||||||||||
|
Erste Abwicklungsanstalt |
Government agency financial institution | AA | Negative | |||||||||
|
KfW |
Government agency financial institution | AAA | Stable | |||||||||
|
Landwirtschaftliche Rentenbank |
Government agency financial institution | AAA | Stable | |||||||||
|
Landeskreditbank Baden-Württemberg - Förderbank |
Government agency financial institution | AA+ | Positive | |||||||||
|
NRW Bank |
Government agency financial institution | AA | Negative | |||||||||
|
Saechsische Aufbaubank |
Government agency financial institution | AAA | Negative | |||||||||
|
Wirtschafts- Und Infrastrukturbank Hessen |
Government agency financial institution | AA+ | Stable | |||||||||
|
DFS Deutsche Flugsicherung GmbH |
Infrastructure | AAA | Stable | |||||||||
|
Rheinbahn AG |
Infrastructure | AA | Stable | |||||||||
|
State of Baden-Wuerttemberg |
LRG | AA+ | Positive | |||||||||
|
State of Bavaria |
LRG | AAA | Stable | |||||||||
|
State of Hesse |
LRG | AA+ | Stable | |||||||||
|
State of North Rhine-Westphalia |
LRG | AA | Negative | |||||||||
|
State of Saxony |
LRG | AAA | Negative | |||||||||
|
Berlinovo Immobilien Gesellschaft mbH |
Social housing | A- | Positive | |||||||||
|
DEGEWO Aktiengesellschaft |
Social housing | A+ | Positive | |||||||||
|
GBG Unternehmensgruppe GmbH |
Social housing | A+ | Stable | |||||||||
|
Gewoba Bremen |
Social housing | A | Stable | |||||||||
|
Gewobag Wohnungsbau-Aktiengesellschaft Berlin |
Social housing | A | Stable | |||||||||
|
HOWOGE |
Social housing | A | Stable | |||||||||
|
Muenchner Wohnen GmbH |
Social housing | AA- | Stable | |||||||||
|
Nassauische Heimstätte Wohnungs- Und Entwicklungsgesellschaft mbH |
Social housing | A+ | Stable | |||||||||
|
Wohnungsbau Ludwigsburg Gmbh |
Social housing | A- | Positive | |||||||||
| Italy | ||||||||||||
|
AMCO - Asset Management Company S.p.A. |
Government agency corporate | BBB | Stable | |||||||||
|
Poste Italiane Group |
Government agency corporate | BBB | Stable | |||||||||
|
Cassa Depositi e Prestiti |
Government agency financial institution | BBB | Stable | |||||||||
|
ATM SpA |
Infrastructure | BBB | Stable | |||||||||
|
City of Rome |
LRG | BBB | Stable | |||||||||
|
Metropolitan City of Rome |
LRG | BBB | Stable | |||||||||
|
Region of Campania |
LRG | BBB | Stable | |||||||||
|
Region of Liguria |
LRG | BBB | Stable | |||||||||
|
Region of Sicily |
LRG | BBB | Stable | |||||||||
|
Region of Umbria |
LRG | BBB | Stable | |||||||||
|
Acquirente Unico SpA |
Other | BBB | Stable | |||||||||
| Israel | ||||||||||||
|
Ramla's Funding Co. 2005 Ltd. |
Government agency financial institution | ilAAA | Stable | |||||||||
|
Municipal Association of Igudan |
LRG | ilAA+ | Stable | |||||||||
|
Municipality of Be'er Sheva |
LRG | ilAAA | Stable | |||||||||
|
Municipality of Bnei Brak |
LRG | ilAAA | Stable | |||||||||
|
Municipality of Herzliya |
LRG | ilAAA | Stable | |||||||||
|
Municipality of Raanana |
LRG | ilAAA | Stable | |||||||||
|
Municipality of Tel Aviv |
LRG | ilAAA | Stable | |||||||||
|
Amidar the Israeli national public housing Co. Ltd. |
Social housing | ilAAA | Stable | |||||||||
| Latvia | ||||||||||||
|
City of Riga |
LRG | A | Stable | |||||||||
| North Macedonia | ||||||||||||
|
Municipality of Skopje |
LRG | B+ | Stable | |||||||||
| Netherlands | ||||||||||||
|
Waarborgfonds Sociale Woningbouw |
Government agency financial institution | AAA | Stable | |||||||||
|
Waarborgfonds voor de Zorgsector |
Government agency financial institution | AAA | Stable | |||||||||
|
BNG Bank N.V. |
Public sector funding agency | AAA | Stable | |||||||||
|
Nederlandse Waterschapsbank N.V. |
Public sector funding agency | AAA | Stable | |||||||||
|
Stichting Stadgenoot |
Social housing | AA | Stable | |||||||||
| Norway | ||||||||||||
|
Fjellinjen AS |
Infrastructure | AA | Stable | |||||||||
|
City of Oslo |
LRG | AAA | Negative | |||||||||
|
Municipality of Stavanger |
LRG | AA+ | Positive | |||||||||
|
KBN Kommunalbanken Norway |
Public sector funding agency | AAA | Stable | |||||||||
| Poland | ||||||||||||
|
City of Krakow |
LRG | A- | Stable | |||||||||
|
City of Lodz |
LRG | BBB+ | Stable | |||||||||
| Portugal | ||||||||||||
|
Metropolitano de Lisboa, E.P. |
Infrastructure | A- | Positive | |||||||||
|
Autonomous Region of Madeira |
LRG | BBB- | Stable | |||||||||
| Spain | ||||||||||||
|
Sociedad Estatal de Participaciones Industriales (SEPI) |
Government agency corporate | A | Stable | |||||||||
|
Instituto de Credito Oficial |
Government agency financial institution | A | Stable | |||||||||
|
Metropolitano de Tenerife S.A. |
Infrastructure | A | Stable | |||||||||
|
Autonomous Community of Andalusia |
LRG | A- | Stable | |||||||||
|
Autonomous Community of Aragon |
LRG | BBB+ | Positive | |||||||||
|
Autonomous Community of Canary Islands |
LRG | A | Stable | |||||||||
|
Autonomous Community of Extremadura |
LRG | BBB | Stable | |||||||||
|
Autonomous Community of Galicia |
LRG | A | Stable | |||||||||
|
Autonomous Community of Madrid |
LRG | A | Stable | |||||||||
|
Autonomous Community of Navarre |
LRG | AA- | Stable | |||||||||
|
Autonomous Community of the Balearic Islands |
LRG | A- | Stable | |||||||||
|
Autonomous Community of the Basque Country |
LRG | AA- | Stable | |||||||||
|
Autonomous Community of Valencia |
LRG | BB | Positive | |||||||||
|
City of Barcelona |
LRG | A | Stable | |||||||||
|
Historical Territory of Bizkaia |
LRG | AA- | Stable | |||||||||
|
Corporacion de Reservas Estrategicas de Productos Petroliferos |
Other | A | Stable | |||||||||
| Sweden | ||||||||||||
|
City of Boras |
LRG | AA+ | Stable | |||||||||
|
City of Goteborg |
LRG | AA+ | Stable | |||||||||
|
City of Helsingborg |
LRG | AAA | Stable | |||||||||
|
City of Malmo |
LRG | AAA | Stable | |||||||||
|
City of Stockholm |
LRG | AAA | Stable | |||||||||
|
City of Uppsala |
LRG | AA+ | Stable | |||||||||
|
City of Vasteras |
LRG | AAA | Stable | |||||||||
|
Municipality of Huddinge |
LRG | AAA | Stable | |||||||||
|
Municipality of Jonkoping |
LRG | AA+ | Stable | |||||||||
|
Municipality of Linkoping |
LRG | AA+ | Stable | |||||||||
|
Municipality of Lund |
LRG | AAA | Stable | |||||||||
|
Municipality of Norrkoping |
LRG | AA+ | Stable | |||||||||
|
Municipality of Norrtalje |
LRG | AA+ | Positive | |||||||||
|
Municipality of Orebro |
LRG | AA+ | Positive | |||||||||
|
Municipality of Ostersund |
LRG | AA+ | Negative | |||||||||
|
Municipality of Sodertalje |
LRG | AA+ | Stable | |||||||||
|
Municipality of Sundsvall |
LRG | AA+ | Stable | |||||||||
|
Municipality of Taby |
LRG | AAA | Stable | |||||||||
|
Municipality of Trelleborg |
LRG | AA+ | Stable | |||||||||
|
Municipality of Vellinge |
LRG | AA+ | Stable | |||||||||
|
Region of Skane |
LRG | AAA | Stable | |||||||||
|
Region of Stockholm |
LRG | AA+ | Positive | |||||||||
|
Region of Vastra Gotaland |
LRG | AAA | Stable | |||||||||
|
Akademiska Hus AB |
Other | AA | Stable | |||||||||
|
Specialfastigheter Sverige AB |
Other | AA+ | Stable | |||||||||
|
Kommuninvest i Sverige AB |
Public sector funding agency | AAA | Stable | |||||||||
|
Fastighets AB Forvaltaren |
Social housing | AA- | Stable | |||||||||
|
Forvaltnings AB Framtiden |
Social housing | AA- | Negative | |||||||||
|
Stockholms Kooperativa Bostadsforening |
Social housing | AA- | Stable | |||||||||
| Switzerland | ||||||||||||
|
Canton of Aargau |
LRG | AAA | Stable | |||||||||
|
Canton of Basel-City |
LRG | AAA | Stable | |||||||||
|
Canton of Basel-Country |
LRG | AAA | Stable | |||||||||
|
Canton of Solothurn |
LRG | AAA | Stable | |||||||||
|
Canton of St. Gallen |
LRG | AAA | Stable | |||||||||
|
Canton of Vaud |
LRG | AAA | Stable | |||||||||
|
Canton of Zurich |
LRG | AAA | Stable | |||||||||
|
City of Geneva |
LRG | AA- | Stable | |||||||||
|
City of Lausanne |
LRG | AA- | Stable | |||||||||
|
City of Zurich |
LRG | AAA | Stable | |||||||||
|
Republic and Canton of Geneva |
LRG | AA+ | Stable | |||||||||
| Ukraine | ||||||||||||
|
City of Kyiv |
LRG | CCC+ | Stable | |||||||||
| United Kingdom | ||||||||||||
|
Keele University |
Education services | A | Stable | |||||||||
|
King's College, London |
Education services | AA- | Stable | |||||||||
|
Lancaster University |
Education services | A+ | Stable | |||||||||
|
University of Nottingham |
Education services | A+ | Stable | |||||||||
|
University of Sheffield |
Education services | A+ | Positive | |||||||||
|
Accent Capital PLC |
Financial vehicles | A | Stable | |||||||||
|
Notting Hill Home Ownership Ltd. |
Financial vehicles | A- | Negative | |||||||||
|
Place for People Treasury PLC |
Financial vehicles | A- | Negative | |||||||||
|
Sunderland (SHG) Finance Plc |
Financial vehicles | A- | NM | |||||||||
|
THFC Sustainable Finance PLC |
Government agency financial institution | A+ | Stable | |||||||||
|
Transport for London |
Infrastructure | AA- | Stable | |||||||||
|
Greater London Authority |
LRG | AA | Stable | |||||||||
|
Lancashire County Council |
LRG | AA- | Stable | |||||||||
|
Wellcome Trust |
Other | AAA | Stable | |||||||||
|
GB Social housing PLC |
Public sector funding agency | A- | Negative | |||||||||
|
MORHomes PLC |
Public sector funding agency | A- | Negative | |||||||||
|
The Housing Finance Corporation Ltd. |
Public sector funding agency | A+ | Stable | |||||||||
|
Accent Group Ltd. |
Social housing | A | Stable | |||||||||
|
Anchor Hanover Group |
Social housing | A+ | Stable | |||||||||
|
Apex Housing Association Ltd. |
Social housing | A- | Stable | |||||||||
|
Aster Group Ltd. |
Social housing | A | Stable | |||||||||
|
bpha Ltd. |
Social housing | A+ | Stable | |||||||||
|
Bromford Housing Group Ltd. |
Social housing | A+ | Stable | |||||||||
|
Chelmer Housing Partnership |
Social housing | A- | Stable | |||||||||
|
Clarion Housing Group Ltd. |
Social housing | A- | Stable | |||||||||
|
ClwydAlyn Housing Ltd |
Social housing | A | Stable | |||||||||
|
Cross Keys Homes Ltd. |
Social housing | A+ | Stable | |||||||||
|
East Midlands Housing Group Ltd |
Social housing | A | Stable | |||||||||
|
Futures Housing Group Ltd. |
Social housing | A | Stable | |||||||||
|
Gentoo Group |
Social housing | A- | Stable | |||||||||
|
Hexagon Housing Association Ltd |
Social housing | BBB+ | Stable | |||||||||
|
Home Group Ltd. |
Social housing | A- | Stable | |||||||||
|
Housing 21 |
Social housing | A- | Stable | |||||||||
|
Housing Solutions |
Social housing | A+ | Stable | |||||||||
|
Hyde Housing Association Ltd |
Social housing | A- | Negative | |||||||||
|
Incommunities Group Ltd. |
Social housing | A | Negative | |||||||||
|
Karbon Homes Ltd. |
Social housing | A | Positive | |||||||||
|
Lincolnshire Housing Partnership Ltd. |
Social housing | A- | Stable | |||||||||
|
Link Group Ltd. |
Social housing | A | Stable | |||||||||
|
Local Space |
Social housing | AA- | Stable | |||||||||
|
London & Quadrant Housing Trust |
Social housing | BBB+ | Stable | |||||||||
|
Lowther Homes Ltd. |
Social housing | A | Stable | |||||||||
|
Metropolitan Housing Trust Ltd. |
Social housing | A- | Stable | |||||||||
|
Metropolitan Thames Valley |
Social housing | A- | Stable | |||||||||
|
Notting Hill Genesis |
Social housing | A- | Negative | |||||||||
|
Paradigm Housing Group Ltd. |
Social housing | A+ | Stable | |||||||||
|
Paragon Asra Housing Ltd. |
Social housing | BBB+ | Stable | |||||||||
|
Peabody Trust |
Social housing | A- | Negative | |||||||||
|
Places for People Group Ltd. |
Social housing | A- | Negative | |||||||||
|
Platform Housing Group Ltd. |
Social housing | A+ | Stable | |||||||||
|
Plymouth Community Homes Ltd |
Social housing | A+ | Positive | |||||||||
|
Richmond Housing Partnership |
Social housing | A | Stable | |||||||||
|
Sanctuary Housing Association |
Social housing | A | Negative | |||||||||
|
Sovereign Housing Association Ltd. |
Social housing | A- | Stable | |||||||||
|
Stonewater Ltd. |
Social housing | A- | Stable | |||||||||
|
Swan Housing Association Ltd |
Social housing | A | Negative | |||||||||
|
The Guinness Partnership |
Social housing | A- | Stable | |||||||||
|
Thrive Homes Ltd. |
Social housing | A+ | Stable | |||||||||
|
Town & Country Housing Group |
Social housing | A- | Negative | |||||||||
|
Vivid Housing Ltd. |
Social housing | A | Stable | |||||||||
|
Wheatley Homes Glasgow Ltd. |
Social housing | A+ | Stable | |||||||||
|
Wheatley Housing Group Ltd. |
Social housing | A+ | Stable | |||||||||
|
Wrekin Housing Group Ltd. |
Social housing | A | Negative | |||||||||
| Uzbekistan | ||||||||||||
|
Fergana Region |
LRG | B+ | Stable | |||||||||
| Ratings as of Dec. 31, 2024. Infrastructure includes: Ports, Toll Roads, Bridges, Airports. LRG--Local and regional governments. Source: S&P Global Ratings. | ||||||||||||
Table 2
| List of global international public finance entities: Canada | ||||||||
|---|---|---|---|---|---|---|---|---|
| Entity | Sector | Rating | Outlook | |||||
|
McGill University |
Education services | AA- | Stable | |||||
|
McMaster University |
Education services | AA | Stable | |||||
|
Queen's University |
Education services | AA+ | Stable | |||||
|
Simcoe County District School Board |
Education services | AA- | Stable | |||||
|
The 55 School Board Trust |
Education services | AA- | Stable | |||||
|
Universite du Quebec a Montreal |
Education services | A- | Stable | |||||
|
University of British Columbia |
Education services | AA- | Negative | |||||
|
University of Guelph |
Education services | AA | Stable | |||||
|
University of Toronto |
Education services | AA+ | Stable | |||||
|
University of Western Ontario |
Education services | AA | Positive | |||||
|
York Region District School Board |
Education services | AA- | Stable | |||||
|
York University |
Education services | A+ | Stable | |||||
|
ORNGE |
Healthcare services | AA- | Stable | |||||
|
British Columbia Ferry Services Inc. |
Infrastructure | A+ | Stable | |||||
|
Edmonton Regional Airports Authority |
Infrastructure | A | Positive | |||||
|
Greater Toronto Airports Authority |
Infrastructure | A+ | Stable | |||||
|
Halifax International Airport Authority |
Infrastructure | A+ | Stable | |||||
|
Halifax Port Authority |
Infrastructure | AA- | Stable | |||||
|
Montreal Port Authority |
Infrastructure | AA | Stable | |||||
|
NAV CANADA |
Infrastructure | AA | Stable | |||||
|
Ottawa Macdonald Cartier International Airport Authority |
Infrastructure | A+ | Stable | |||||
|
Societe de Transport de Montreal |
Infrastructure | AA | Stable | |||||
|
The Federal Bridge Corporation Limited |
Infrastructure | A+ | Stable | |||||
|
Vancouver Airport Authority |
Infrastructure | AA- | Positive | |||||
|
Vancouver Fraser Port Authority |
Infrastructure | AA | Positive | |||||
|
Winnipeg Airports Authority Inc. |
Infrastructure | A+ | Stable | |||||
|
City of Barrie |
LRG | AA+ | Positive | |||||
|
City of Brampton |
LRG | AAA | Stable | |||||
|
City of Calgary |
LRG | AA+ | Stable | |||||
|
City of Edmonton |
LRG | AA | Positive | |||||
|
City of Greater Sudbury |
LRG | AA+ | Stable | |||||
|
City of Guelph |
LRG | AAA | Stable | |||||
|
City of Hamilton |
LRG | AAA | Stable | |||||
|
City of Kingston |
LRG | AA+ | Stable | |||||
|
City of Laval |
LRG | AA+ | Stable | |||||
|
City of Mississauga |
LRG | AAA | Stable | |||||
|
City of Montreal |
LRG | AA | Stable | |||||
|
City of Ottawa |
LRG | AA+ | Stable | |||||
|
City of Peterborough |
LRG | AA+ | Stable | |||||
|
City of Regina |
LRG | AAA | Negative | |||||
|
City of Saskatoon |
LRG | AAA | Stable | |||||
|
City of Sault Ste. Marie |
LRG | AA+ | Stable | |||||
|
City of St. John's |
LRG | AA- | Positive | |||||
|
City of Thunder Bay |
LRG | AA+ | Stable | |||||
|
City of Toronto |
LRG | AA+ | Stable | |||||
|
City of Vancouver |
LRG | AAA | Stable | |||||
|
City of Windsor |
LRG | AA+ | Stable | |||||
|
City of Winnipeg |
LRG | AA+ | Stable | |||||
|
County of Essex |
LRG | AAA | Stable | |||||
|
County of Haldimand |
LRG | AA | Stable | |||||
|
County of Lambton |
LRG | AA+ | Stable | |||||
|
County of Oxford |
LRG | AAA | Stable | |||||
|
County of Simcoe |
LRG | AA+ | Stable | |||||
|
County of Wellington |
LRG | AAA | Stable | |||||
|
Norfolk County |
LRG | AA | Stable | |||||
|
Province of Alberta |
LRG | AA- | Stable | |||||
|
Province of British Columbia |
LRG | AA- | Negative | |||||
|
Province of Manitoba |
LRG | A+ | Stable | |||||
|
Province of New Brunswick |
LRG | A+ | Positive | |||||
|
Province of Newfoundland and Labrador |
LRG | A | Stable | |||||
|
Province of Nova Scotia |
LRG | AA- | Stable | |||||
|
Province of Ontario |
LRG | AA- | Stable | |||||
|
Province of Prince Edward Island |
LRG | A | Positive | |||||
|
Province of Quebec |
LRG | AA- | Stable | |||||
|
Province of Saskatchewan |
LRG | AA | Stable | |||||
|
Regional Municipality of Durham |
LRG | AAA | Stable | |||||
|
Regional Municipality of Halton |
LRG | AAA | Stable | |||||
|
Regional Municipality of Niagara |
LRG | AA+ | Stable | |||||
|
Regional Municipality of Peel |
LRG | AAA | Stable | |||||
|
Regional Municipality of York |
LRG | AAA | Stable | |||||
|
Territory of Yukon |
LRG | AA | Stable | |||||
|
First Nations Finance Authority |
Public sector funding agency | AA- | Stable | |||||
|
HI-C Issuer Trust |
Public sector funding agency | BBB+ | Stable | |||||
|
Municipal Finance Authority of British Columbia |
Public sector funding agency | AAA | Stable | |||||
|
British Columbia Investment Management Corporation |
Pension funds and managers | AAA | Stable | |||||
|
Caisse de depot et placement du Quebec |
Pension funds and managers | AAA | Stable | |||||
|
Canada Pension Plan Investment Board |
Pension funds and managers | AAA | Stable | |||||
|
OMERS Administration Corp. |
Pension funds and managers | AAA | Stable | |||||
|
Ontario Pension Board |
Pension funds and managers | AAA | Stable | |||||
|
Ontario Teachers' Pension Plan Brd |
Pension funds and managers | AAA | Stable | |||||
|
Public Sector Pension Investment Board |
Pension funds and managers | AAA | Stable | |||||
|
Toronto Community Housing Corp. |
Social housing | AA- | Stable | |||||
|
Royal Office L.P. |
Other | AAA | Stable | |||||
| Ratings as of Dec. 31, 2024. Infrastructure includes: Ports, Toll Roads, Bridges, Airports. LRG--Local and regional governments. Source: S&P Global Ratings. | ||||||||
Table 3
| List of global international public finance entities: Latin America | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Entity | Sector | LT FC rating | Outlook | National scale rating | Outlook | |||||||
| Argentina | ||||||||||||
|
City of Buenos Aires |
LRG | CCC | Stable | raB+ | Stable | |||||||
|
Province of Buenos Aires |
LRG | CCC | Stable | raB | Stable | |||||||
|
Province of Entre Rios |
LRG | CCC | Negative | |||||||||
|
Province of Jujuy |
LRG | CCC | Stable | |||||||||
|
Province of La Rioja |
LRG | Selective Default | NM | |||||||||
|
Province of Mendoza |
LRG | CCC | Stable | |||||||||
|
Province of Neuquen |
LRG | CCC | Stable | |||||||||
|
Province of Rio Negro |
LRG | CCC | Stable | |||||||||
|
Province of Salta |
LRG | CCC | Stable | |||||||||
| Brazil | ||||||||||||
|
City of Niteroi |
LRG | BB | Stable | brAAA | Stable | |||||||
|
State of Alagoas |
LRG | BB- | Negative | brAA+ | Negative | |||||||
|
State of Minas Gerais |
LRG | CCC+ | Stable | brBB | Stable | |||||||
|
State of Paraiba |
LRG | brAAA | Stable | |||||||||
|
State of Santa Catarina |
LRG | BB- | Stable | brAA+ | Stable | |||||||
| Mexico | ||||||||||||
|
Benemerita Universidad Autonoma de Puebla |
Education services | mxA+ | Stable | |||||||||
|
Universidad Autonoma de Nuevo Leon (UANL) |
Education services | mxAA- | Stable | |||||||||
|
City of Cajeme |
LRG | mxA+ | Positive | |||||||||
|
City of General Escobedo |
LRG | mxBBB+ | Positive | |||||||||
|
City of Guadalupe, N. L. |
LRG | mxA- | Stable | |||||||||
|
City of Guaymas |
LRG | mxA- | Stable | |||||||||
|
City of Leon |
LRG | mxAA+ | Stable | |||||||||
|
City of Los Cabos |
LRG | mxB+ | Stable | |||||||||
|
City of Mazatlan |
LRG | mxA+ | Negative | |||||||||
|
City of Merida |
LRG | mxAA+ | Stable | |||||||||
|
City of Morelia |
LRG | mxAA- | Negative | |||||||||
|
City of Navojoa |
LRG | mxBB+ | Stable | |||||||||
|
City of Puebla |
LRG | mxAA+ | Stable | |||||||||
|
City of Queretaro |
LRG | BBB | Stable | mxAAA | Stable | |||||||
|
City of Saltillo |
LRG | mxAA | Positive | |||||||||
|
City of San Nicolas de los Garza |
LRG | mxAA | Stable | |||||||||
|
City of Tijuana |
LRG | mxAA- | Positive | |||||||||
|
City of Torreon |
LRG | mxAA | Stable | |||||||||
|
State of Aguascalientes |
LRG | BBB | Stable | mxAA+ | Stable | |||||||
|
State of Campeche |
LRG | mxA+ | Stable | |||||||||
|
State of Chiapas |
LRG | mxA+ | Stable | |||||||||
|
State of Durango |
LRG | mxBB+ | Stable | |||||||||
|
State of Guanajuato |
LRG | BBB | Stable | mxAAA | Stable | |||||||
|
State of Guerrero |
LRG | mxBBB | Stable | |||||||||
|
State of Hidalgo |
LRG | mxA+ | Stable | |||||||||
|
State of Nuevo Leon |
LRG | mxA | Positive | |||||||||
|
State of Oaxaca |
LRG | mxA | Stable | |||||||||
|
State of Queretaro Arteaga |
LRG | BBB | Stable | mxAAA | Stable | |||||||
|
State of Quintana Roo |
LRG | mxA+ | Positive | |||||||||
|
State of Sinaloa |
LRG | mxA | Stable | |||||||||
|
Instituto de la Funcion Registral del Estado de Mexico |
Other | mxAA- | Stable | |||||||||
| Ratings as of Dec. 31, 2024. Infrastructure includes: Ports, Toll Roads, Bridges, Airports. LRG--Local and regional governments. Source: S&P Global Ratings. | ||||||||||||
Table 4
| List of global international public finance entities: Asia-Pacific | ||||||||
|---|---|---|---|---|---|---|---|---|
| Entity | Sector | Rating | Outlook | |||||
| Hong Kong | ||||||||
|
Kowloon-Canton Railway Corp. |
Infrastructure | AA+ | Stable | |||||
| India | ||||||||
|
Indian Railway Finance Corp. |
Infrastructure | BBB- | Positive | |||||
| Japan | ||||||||
|
Japan Bank for International Cooperation |
Government agency financial institution | A+ | Stable | |||||
|
Japan Housing Finance Agency |
Government agency financial institution | A+ | Stable | |||||
|
Japan International Cooperation Agency |
Government agency financial institution | A+ | Stable | |||||
|
City of Osaka |
LRG | A+ | Stable | |||||
|
Prefecture of Aichi |
LRG | A+ | Stable | |||||
|
Tokyo Metropolitan Government |
LRG | A+ | Stable | |||||
|
Japan Finance Organization for Municipalities |
Public sector funding agency | A+ | Stable | |||||
| Korea, Republic of | ||||||||
|
Seoul Metropolitan Government |
LRG | AA | Stable | |||||
| Malaysia | ||||||||
|
State of Sarawak |
LRG | A- | Stable | |||||
| Pacific | ||||||||
| Australia | ||||||||
|
La Trobe University |
Education services | A+ | Stable | |||||
|
The Australian National University |
Education services | AA+ | Stable | |||||
|
The University of Melbourne |
Education services | AA+ | Stable | |||||
|
The University of New South Wales |
Education services | AA+ | Stable | |||||
|
University of Wollongong |
Education services | AA- | Stable | |||||
|
New South Wales Treasury Corp. |
Financial vehicles | AA+ | Negative | |||||
|
Queensland Treasury Corp. |
Financial vehicles | AA+ | Stable | |||||
|
South Australian Government Financing Authority |
Financial vehicles | AA+ | Stable | |||||
|
Tasmanian Public Finance Corp. |
Financial vehicles | AA+ | Negative | |||||
|
Treasury Corp. of Victoria |
Financial vehicles | AA | Stable | |||||
|
Western Australian Treasury Corp. |
Financial vehicles | AAA | Stable | |||||
|
Government of Australian Capital Territory |
LRG | AA+ | Negative | |||||
|
State of New South Wales |
LRG | AA+ | Negative | |||||
|
State of Queensland |
LRG | AA+ | Stable | |||||
|
State of South Australia |
LRG | AA+ | Stable | |||||
|
State of Tasmania |
LRG | AA+ | Negative | |||||
|
State of Victoria |
LRG | AA | Stable | |||||
|
State of Western Australia |
LRG | AAA | Stable | |||||
| New Zealand | ||||||||
|
Dunedin City Treasury Ltd. |
Financial vehicles | AA | Negative | |||||
|
Housing New Zealand Ltd. |
Financial vehicles | AA+ | Stable | |||||
|
Christchurch City Holdings Ltd. |
Government agency corporate | AA | Negative | |||||
|
WRC Holdings Ltd. |
Government agency corporate | AA+ | Negative | |||||
|
Auckland Council |
LRG | AA | Stable | |||||
|
Bay Of Plenty Regional Council |
LRG | AA- | Stable | |||||
|
Christchurch City Council |
LRG | AA | Negative | |||||
|
Dunedin City Council |
LRG | AA | Negative | |||||
|
Greater Wellington Regional Council |
LRG | AA+ | Negative | |||||
|
Hamilton City Council |
LRG | A+ | Negative | |||||
|
Hastings District Council |
LRG | AA- | Negative | |||||
|
Horowhenua District Council |
LRG | A+ | Negative | |||||
|
Hutt City Council |
LRG | AA- | Negative | |||||
|
Kapiti Coast District Council |
LRG | AA | Negative | |||||
|
Marlborough District Council |
LRG | AA | Negative | |||||
|
Nelson City Council |
LRG | AA | Negative | |||||
|
New Plymouth District Council |
LRG | AA+ | Negative | |||||
|
Palmerston North City Council |
LRG | AA | Negative | |||||
|
Porirua City Council |
LRG | AA- | Negative | |||||
|
South Taranaki District Council |
LRG | AA | Negative | |||||
|
Tasman District Council |
LRG | AA | Negative | |||||
|
Taupo District Council |
LRG | AA+ | Negative | |||||
|
Tauranga City Council |
LRG | A+ | Negative | |||||
|
Upper Hutt City Council |
LRG | A | Stable | |||||
|
Waimakariri District Council |
LRG | AA | Negative | |||||
|
Wellington City Council |
LRG | AA | Negative | |||||
|
Western Bay of Plenty District Council |
LRG | AA | Negative | |||||
|
Whanganui District Council |
LRG | AA | Negative | |||||
|
Whangarei District Council |
LRG | AA | Stable | |||||
|
New Zealand Local Government Funding Agency Ltd. |
Public sector funding agency | AA+ | Stable | |||||
|
Kainga Ora-Homes and Communities |
Social housing | AA+ | Stable | |||||
| Ratings as of Dec. 31, 2024. Infrastructure includes: Ports, Toll Roads, Bridges, Airports. LRG--Local and regional governments. Source: S&P Global Ratings. | ||||||||
| Primary Credit Analyst: | Louise Morteveille, Paris; louise.morteveille@spglobal.com |
| Secondary Contact: | Felix Ejgel, London + 44 20 7176 6780; felix.ejgel@spglobal.com |
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